On March 8, 2022 Fulgent Genetics, Inc. (NASDAQ: FLGT) ("Fulgent" or the "Company"), a technology-based genetic testing company focused on transforming patient care in oncology, infectious and rare diseases, and reproductive health, reported that its Board of Directors has authorized a share repurchase program under which Fulgent may repurchase up to $250 million in shares of its common stock (Press release, Fulgent Pharma, MAR 8, 2022, View Source [SID1234609697]).
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"Given the volatility we have seen in our share price, we believe current trading levels present an attractive opportunity to implement a share repurchase program as a way to return capital to our shareholders," said Paul Kim, Chief Financial Officer of Fulgent. "With our current cash, cash equivalents and investments in marketable securities position now exceeding $1.0 billion, we believe we remain extremely well capitalized to make strategic investments to drive growth as we implement this share repurchase program."
The timing and amount of any shares repurchased will be determined by Fulgent’s management based on its evaluation of market conditions and other factors. Share repurchases under the program may be made through a variety of methods, which may include open market purchases, in block trades, accelerated share repurchase transactions, exchange transactions, or any combination of such methods. The repurchase program may be suspended or discontinued at any time. Any repurchased shares will be available for use in connection with its stock plans and for other corporate purposes.
The repurchase program will be funded using Fulgent’s working capital. Fulgent had approximately 30.3 million shares of common stock outstanding as of March 7, 2022.